South Africa’s financial services sectors is one of the biggest and most innovative on the African continent. This sector boasts of dozens of domestic and foreign institutions providing a full range of services. This sector is also proud to have embraced technology as a major part of the business.This embrace has seen innovative business enterprises coming up providing unique services. One of these is Cape Town based IMB.
Internet Mobile Banking (IMB) focuses on payments and in particular mobile payments making it easier for consumers and merchants to do business. With more than five years experience in the digital wallet and prepaid business, IMB allows websites and bricks as well as mortar merchants to receive payments via customers mobile phones.The merchant signs up with IMB for a store ID and consumers then use this to make payments to the merchant.
Because Internet Mobile Banking (IMB) believes in setting trends, there is no subscription to the traditional merchant fees model that most banks use for their point of sale services. Rather than a fixed fee, merchants pay what is called a “karma transaction” fee whereby the merchant chooses how much of a fee is appropriate.This means merchants can also choose not to pay a fee at all.
Though there is no fee for setting up an IMB account such as monthly fees, transaction fees for transactions within the IMB system, those users wanting a traditional bank card will be charged a fee.Those wanting to get money into their IMB account can make cash deposits at post offices or Absa branches.
The Internet Mobile Banking (IMB) is set to positively impact the financial services landscape and change how payments are done.